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Ilyas El Ghordaf and Abdelbari El Khamlichi
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Ilyas El Ghordaf: Université Mohamed 1 Oujda MAROC
Abdelbari El Khamlichi: UCD - Université Chouaib Doukkali, IAE - UCA - Institut d'Administration des Entreprises - Clermont-Auvergne - UCA - Université Clermont Auvergne

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Abstract: There is an important literature focused on profit warnings and its impact on stock returns. We provide evidence from Moroccan stock market which aims to become an African financial hub. Despite this practical improvement, academic researches that focused on this market are scarce and our study is a first investigation in this context. Using the event study methodology and a sample of companies listed in Casablanca Stock Exchange for the period of 2009 to 2016, we examined whether the effect of qualitative warning is more negative compared to quantitative warnings in a short event window. Our empirical findings show that the average abnormal return on the date of announcement is negative and statistically significant. The magnitude of this negative abnormal return is greater for qualitative warnings than quantitative ones.

Keywords: Profit warnings; event study; returns; disclosure; Morocco; stock exchange JEL Classifications: G14 (search for similar items in EconPapers)
Date: 2021-05-19
New Economics Papers: this item is included in nep-ara, nep-cfn and nep-cwa
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Published in 2nd International conference on organization's performance, May 2021, El jadida, Morocco

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